Det Norske Completes Marathon Oil Norge Acquisition

Norway's Det norske oljeselskap reported Thursday that it has finalized the acquisition of Marathon Oil Norge, and that there would be no redundancies as a result of the takeover.

Det norske said that the acquisition makes it one of the largest publicly-listed independent exploration and production companies in Europe in terms of output. In 2013, the combined production of the two firms amounted to approximately 84,000 barrels of oil per day.

Det norske announced in June that it was paying $2.1 billion to acquire Marathon Oil Norge. Following the integration – which took four and a half months to complete – the combined business employs close to 500 people.

In a company statement Thursday, Det norske Chief Executive Karl Johnny Hersvik commented:

"The acquisition entails that we become a large operator and a robust company with ambitions on the Norwegian shelf. We are acquiring a solid portfolio with high production rates and significant operational experience that adds to Det norske's exploration and development capabilities. Consequently, there will be no redundancies, and we will retain the Stavanger office."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)
 -  OGA Awards 25 Licences for 111 UKCS Bl... (Mar 23)
 -  UK Minister Brands Oil Worker Discrimi... (Mar 23)
 -  Analyst Sees Possible Crest for US Gas... (Mar 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Compensation Specialist - Houston
Expertise: Financial Analyst|HR - General
Location: Houston
 
Human Resources Associate - Brighton, Colorado
Expertise: HR - General
Location: Brighton, CO
 
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours